Would be better off just putting the lock through the sprocket/chainwheel/chainring and around the chain at the bottom inline with the crank arm to prevent thieves from riding off or getting a bolt cutter in there easily. Won't stop the lift and carry thief or the people that just want your rims/wheels or other easily removable parts.

Let's face it...if your bike is targeted, thieves will find a way to steal it or the parts quickly and many either carry the tools they need or find the tools right on the bike. Plus it really doesn't matter if your bike is a low end or ultra high end bike or a rusted hulk...it's all fair game and a sad reality in today's society.